There are certain factors every homebuyer should consider when looking to purchase a property. While the conditions and size of the house itself come to mind when thinking about value, what future homeowners should really be looking for is the quality of school districts. Whether it’s a family with children or first-time homebuyers, shopping for a home in a location with strong local schools is key to quality living and an increased home value. Here are a few things to consider during the home buying process.
Families with school-age children tend to consider a quality school district over anything else—most parents are even willing to sacrifice highly regarded things such as square footage, garages and amenities. While homes in great school districts are usually more expensive, parents are inclined to spend more money for their kids to receive highly rated public education rather than paying for costly private schools.
If a family doesn’t have or never plans to have kids, they might be inclined to disregard school district as a major factor in the home-buying decision process. What they fail to keep in mind is that physical structure depreciates over time whereas a great location with quality nearby schools continues to appreciate in value. According to research conducted by Realtor.com, home values inside highly rated school districts were 49% higher than the national median home price. Thus, Investing in a property with great local schools can significantly increase the resale value of the home—even in a down market.
The real estate market can turn when you least expect it to happen, which is why buying a house in the right school district is a safe bet that can help protect your home’s value in case of a declining market. For more information on the home-buying process or to learn more about our custom luxury homes, contact us today.